Informative SA piece I should say, nothing to be excited about. At the very end he states...
Therefore, I continue to cautiously recommend that you do a deeper dive into ADXS and consider taking a position, especially now that it has a solidifying catalyst in the next 12 to 15 months.
Fair and expected statement - given that he disclosed he is long.
Now you need to ask yourself... how is the company going to deal with its reducing cash position in the next 12 to 15 months. (Let us assume HYPOTHETICALLY, that the catalyst does occur and approval is a guarantee, even after conveniently ignoring - [for the sake of being optimistic going into the future] the fact that till now ADXS Management has had only misses and mishaps)